Fundamental Payroll Certification Fundamental Payroll Year-End Processing and Reporting 1 — Questions and Answers
Question 1: By what date must employers furnish Form W-2 to employees?
- January 15
- January 31 (Correct answer)
- February 15
- February 28
Correct answer: January 31
Employers must furnish W-2 forms to employees by January 31 of the year following the tax year.
Question 2: Which copy of Form W-2 must be filed with the Social Security Administration?
- Copy A (Correct answer)
- Copy B
- Copy C
- Copy D
Correct answer: Copy A
Copy A of Form W-2 (the red-ink version or its electronic equivalent) must be submitted to the Social Security Administration.
Question 3: What does Code D in Box 12 of Form W-2 represent?
- Elective deferrals to a SIMPLE IRA
- Elective deferrals to a 401(k) plan (Correct answer)
- Contributions to a 403(b) plan
- Contributions to a SEP-IRA
Correct answer: Elective deferrals to a 401(k) plan
Code D in Box 12 reports elective deferrals under a 401(k) qualified cash or deferred arrangement plan.
Question 4: What is the deadline for filing W-2 forms with the SSA, whether submitted on paper or electronically?
- January 31 (Correct answer)
- February 28
- March 31
- April 15
Correct answer: January 31
Since 2017, the deadline for filing W-2s with the SSA is January 31 for both paper and electronic submissions.
Question 5: Which form must accompany Copy A of W-2 forms when submitted to the Social Security Administration?
- Form 941
- Form W-3 (Correct answer)
- Form 1099-MISC
- Form W-4
Correct answer: Form W-3
Form W-3 (Transmittal of Wage and Tax Statements) serves as a summary cover sheet that must accompany W-2 Copy A forms filed with the SSA.
Question 6: Which box on Form W-2 reports Social Security tips that employees reported to their employer during the year?
- Box 5
- Box 7 (Correct answer)
- Box 8
- Box 12
Correct answer: Box 7
Box 7 reports Social Security tips — the dollar amount of tips the employee reported to the employer during the tax year.
Question 7: If an employee has not received Form W-2 by February 15, what is the recommended course of action?
- File a complaint immediately with the Department of Labor
- Contact the employer first, then the IRS if still unresolved (Correct answer)
- Reconstruct wages using bank statements and file without a W-2
- Request the employer to issue a W-2c immediately
Correct answer: Contact the employer first, then the IRS if still unresolved
Employees should first contact their employer; if the W-2 is still not provided, they may call the IRS, which can contact the employer on the employee's behalf.
Fundamental Payroll Certification Fundamental Payroll Year-End Processing and Reporting 1
By what date must employers furnish Form W-2 to employees?